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Greggs becomes a billion-pound bakery

Year-end turnover at Greggs, which operates from its headquarters in North Tyneside, has exceeded the £1bn mark for the first time.

 

Total sales for the year ending 29 December 2018 were up 7 per cent to £1.029bn, while like-for-like sales in company managed shops grew 3 per cent during the year.

 

Pre-tax profit also grew beyond expectation, up to £89.8m compared to £81.8m the previous year.

 

The national bakery chain opened 149 new outlets and closed 50, for a net of 99 new stores. This meant the company was operating a total of 1,953 stores by the end of the year.

 

Its strong performance continued into 2019, with the publicity generated by Greggs’ vegan-friendly sausage roll contributing to a 10 per cent increase in like-for-like sales in the first seven weeks of the year.

 

The Newcastle-headquartered company is in the midst of a transformation programme that is scheduled to finish in 2021. As well as overhauling menus and store interiors, the initiative has involved improvements to supply chain and consolidation of manufacturing operations.

 

Chief executive Roger Whiteside said an exceptionally hot summer “significantly impacted” sales in the first half of the year, but the company’s “underlying strengths” allowed it to recover lost ground.

 

“2018 was a year that tested the resilience of Greggs’ business model and demonstrated the benefits of our strategic investment programme,” he added.

 

“Whilst there are significant uncertainties in the months ahead, Greggs has started 2019 in great form, helped in part by the publicity surrounding the launch of our vegan-friendly sausage roll.

 

“We hope to continue benefiting from this strong momentum during the first half of 2019 before facing stronger comparatives later in the year. We have a strong financial position which we plan to use to invest in Greggs’ potential for further growth, whilst also delivering good returns for shareholders.”

 As originally published in Insider Media